February 22, 2023
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Digital transformation is one of those business processes that should be top of mind at all times. Not only does it give you better tools to run your business, but it also provides you with ways to save money, without sacrificing customer support.
The challenge, however, can be to figure out what you should be focused on in any given year, especially when that year comes with an economic downturn.
We’re always watching the industry and paying attention to what’s happening, to help you better understand the trends and which ones you should be focusing on.
Key trends in 2023
The next 12 or so months are going to be interesting in tech. We’ve already seen massive layoffs and business shifting focus in a major way, and that’s not going to stop. Here are some of the trends that you can take advantage of in 2023.
Everything as a service
Everything as a service (XaaS) is something of the next generation of cloud services. It started with software as a service, expanded to include infrastructure as a service, and, rather than continue to define specific things, XaaS is a catchall for all the things. As you can see below, the number of services, tools, and platforms that you can use as a service is expanding all the time. In 2023, we’re going to continue to see this growth in XaaS, and businesses looking to reduce expenses or consolidate tools/platforms/whatever, are going to increasingly take advantage of this.
Personalization (and customer data)
More and more we’re finding that personalization matters. Not just in marketing, but everything. There is no shortage of tools out there and customers aren’t just going to use the first thing they find. They’re going to look for platforms that serve their very specific needs.
The good news is that if you’re serving customers, you already have a lot of the information you need to create this personalization in the form of customer data. There isn’t much that you can’t learn about your customers from studying this data and, what you can’t learn from it, can be learned by talking to people more. If you’re not using a customer data platform, 2023 is the year to get on it.
AI and Machine Learning (ML)
It’s hard to avoid the chatter about AI and ML these days. ChatGPT3 seemed to break open the floodgates and bring this into the mainstream. And, this isn’t just happening in tech. Everyone is talking about it – writers, artists, and entrepreneurs of all kinds are excited about how AI and ML can fundamentally alter the way they operate. From watching what’s going on with Microsoft and Google, it’s clear we’re not quite there yet, but it won’t be long. Investing in these platforms now and discovering how they can help you and your customers could lead to a big payoff down the road, especially if your competition doesn’t.
Economic downturn and how to brace yourself
Digital transformation can be a critical part of helping you stay in business during economic downturns because one of the main benefits is that you start working using modern approaches that help you save money.
There are three bigs aspects of digital transformation that can help you manage the slowdown in a way that reduces the impact on your team, which in turn reduces the impact on your customers.
- Increased automation – Automation has long been a big part of digital transformation. The average worker loses huge chunks of time, as much as a quarter of their time, to manual, repetitive tasks. These are important tasks, but there are almost always better ways to manage them. Instead of relying on the manual aspect of these tasks, look for ways to automate these tasks. This could be something as straightforward as switching to a new platform, but it could also mean creating bespoke software solutions to manage these tasks the way that best suits your business. Not only does this allow your employees to focus on high-value tasks, but it also frees them up to spend more time focused on better serving your customers.
- Hybrid work – The pandemic taught us that working remotely isn’t the end of the world. In fact, some employees work better when they’re not in an office. Rather than focus on using the large office space that you’ve always used, you can incorporate the tools and technologies you need for a hybrid working environment. This allows you to reduce costs by moving to a smaller office and, as we’ve seen, puts your team in a position to do their best work in a place that suits them best.
- More effective cybersecurity – This is a timeless trend in business today and one we talk about a lot. It’s increasingly important to ensure that your business and your customers are protected against cyberattacks. Even a small attack can destroy your credibility with customers (and potential customers) and cost a lot of money in regulatory fines. The more proactive you can be in protecting your business, the more prepared you’ll be to manage economic downturns.
Strong fundamentals for long-term sustainability
The overall theme for digital transformation this year is going to be sustainability. By answering the question how technology can help us stay in business and continue to improve how we serve our customers, you’ll be able to focus on implementing tools and business practices that ensure you’ll be around for years to come.
If you’re not sure what the best approach to take or what tools may be the best for you to invest in, let’s talk. Our experts have been watching the industry for over two decades and have developed a keen sense of what it takes to stay in business (especially during a recession). To learn more about how we can help, contact us today.
